Junk Bonds Get Destroyed at the Close
Today's financial recap and tomorrow's financial outlook.
We also saw some bad numbers stateside as the April Personal Income and Personal Spending numbers were both below expectations.
However, the S&P 500 (INDEXSP:.INX) perked up in early trading after the May Chicago PMI and University of Michigan Consumer Sentiment came in above economists' estimates.
There was notably heavy volume in JNK around the close, as you can see in this chart showing the last hour of trading:
Monday's Financial Outlook
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